Statutory Background
Section 546(e) of the Bankruptcy Code, known as the “safe harbor” provision, shields specified types of payments from a bankruptcy trustee’s avoidance powers, including certain transfers “made by” a “financial participant” in connection with a “securities contract.” The scope of Section 546(e) has been the subject of extensive debate.
In re Samson Resources Corp. presented the specific question of whether a debtor can be considered a “financial participant” for the purposes of Section 546(e). In short, a “financial participant” is defined by Bankruptcy Code § 101(22A) as (A) an entity, (B) who has one or more required agreements, (C) in the required amounts, (D) with “the debtor or any other entity (other than an affiliate).”
Mallinckrodt has urged federal courts around the country to transfer cases involving the drugmaker's hormone treatment Acthar that make claims for antitrust, racketeering and other violations to the Delaware court overseeing its bankruptcy.
The Buxton Helmsley Group Announces Major Shareholder Backing to Call Mallinckrodt Meeting of Shareholders, Realign Board and Management with Shareholder Interests, Renegotiate Restructuring Plan
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NEW YORK, Jan. 20, 2021 /PRNewswire/
The Mallinckrodt board and management has entirely abandoned shareholder interests, attempting to push through a Chapter 11 restructuring plan (their case pending before the U.S. District of Delaware Bankruptcy Court) that will extinguish all shareholder interests, unnecessarily turn all shareholder equity over to a handful of bondholders, and enrich management with a 10% allocation of the reorganized company when they currently own less than 0.03% of the existing company.
Young Conaway Elects Three New Partners
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WILMINGTON, Del., Dec. 21, 2020 /PRNewswire/ Young Conaway Stargatt & Taylor, LLP is pleased to announce that three new partners have been elected to join the firm partnership, effective January 1, 2021. Young Conaway is proud to welcome our newest partners, Elisabeth Bradley, Jaime Chapman and Michael Stafford, to the partnership, said Robert Brady, Chairman of the firm. Our attorneys and staff celebrate with them as they begin this important step in their legal careers.
Elisabeth Bradley, Jaime Chapman, Michael Stafford
Elisabeth S. Bradley represents companies, directors, officers and shareholders in corporate litigation matters, primarily in the Delaware Court of Chancery. Elisabeth draws on her broad experience in Delaware corporate law and procedure to develop and execute strategies for her clients in a variety of disputed matters, including, for example, advancement a
Klausner Lumber Two LLC in Enfield has been purchased.
The plant, located at 260 Piper Lane, abruptly shut down in March, along with its sister facility in Live Oak, Florida, its first U.S. facility which opened in 2013 â with little explanation from Klausner officials to employees and county officials.
An auction took place on Thursday, with virtual attendance limited to interested parties due to COVID-19, resulting in a winning bid from binderholz Group, headquartered in Fügen, Austria.
Binderholzâ final offer for the purchased assets was $83.4M in cash, plus those assumed liabilities, including the Halifax County Deferred Obligation in the maximum amount of $3,287,500. The offer was a win over another bidder, Mayr Melnhof Holz, headquartered in Leoben, Austria. Binderholz also has purchased the facility in Live Oak.